Porsche, Hedge Funds To Face Off In Germany

Feb 1 2013 | 12:56pm ET

Porsche Automobil Holding and the hedge funds suing it for market-manipulation have at last agreed on a venue.

The luxury carmaker said yesterday that the matter will be heard on its home turf, in a German court. Its hedge fund antagonists, including Elliott Associates, Glenview Capital Partners, Greenlight Capital and Viking Global Equities, have agreed not to appeal the case's dismissal in New York; in return, Porsche said it would not seek a dismissal on statute-of-limitations claims in Germany if a case is filed within 90 days.

The deal comes just weeks after a New York State appeals court dismissed the case, which accuses Porsche of manipulating the market in Volkswagen shares, secretly acquiring a majority stake before announcing plans to acquire VW; a federal court did the same in 2011. The U.S. courts ruled that they had no jurisdiction.

Porsche said it remains confident that the claims have no merit.


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